automates adjustments to your rates based on predefined conditions. Tourism operators can use this feature to apply discounts for early bookings or add surcharges during peak seasons, ensuring consistent pricing and streamlined revenue management.
Accessing this feature
From the main dashboard, navigate to Settings . Select Pricing & Rates . Click on Rate Sheet Pricing Rules .
How to use it
Configuring a pricing rule involves defining its scope, conditions, and the actions to be taken when those conditions are met. Follow these steps to set up a new rule:
Create a New Rule: On the Rate Sheet Pricing Rules page, click the Create button.
Provide a clear, descriptive Rule Name (e.g., "Early Bird Discount - 60 Days Out", "Weekend Surcharge - Peak Season").
Add an optional Description to elaborate on the rule's purpose and any specific considerations.
Set the Status to "Active" to enable the rule immediately, or "Inactive" to save it as a draft.
Select Target Rate Sheets: Specify which of your existing rate sheets this rule will apply to. You can select one, multiple, or all rate sheets. This ensures the rule only impacts relevant pricing structures.
Define Conditions: This is where you determine when the rule will activate. You can combine multiple conditions using "AND" / "OR" logic. Common conditions include:
Booking Window: The number of days between the booking date and the stay date (e.g., "Booked 60 days or more in advance").
Stay Dates: Specific date ranges or days of the week when the rule applies (e.g., "Stays between 1 December and 31 January", "Stays on Friday, Saturday, Sunday").
Occupancy: Apply the rule based on the number of guests (e.g., "Occupancy greater than 2 adults").
Minimum/Maximum Stay Length: Apply if the booking meets a specific duration (e.g., "Minimum stay of 3 nights").
Product Type/Category: Target specific types of inventory or offerings (e.g., "Applies to 'Deluxe Rooms' only").
Lead Time: Similar to booking window, but often focused on proximity to arrival.
Configure Actions: Specify what happens when the defined conditions are met. You can apply one or more actions:
Adjust Price (Percentage): Increase or decrease the rate by a percentage (e.g., "Decrease price by 15%").
Adjust Price (Fixed Amount): Increase or decrease the rate by a specific currency amount (e.g., "Decrease price by $50").
Override Price: Set the price to a specific fixed amount, ignoring the base rate.
Apply Minimum Stay: Enforce a minimum night stay requirement if the rule conditions are met.
Close Availability: Make the inventory unavailable for booking under the rule's conditions.
Apply Surcharge: Add a fixed or percentage-based surcharge.
Set Rule Priority: If you have multiple rules that could potentially apply to the same booking, define their Priority . Rules with a lower number (e.g., 1) take precedence over rules with a higher number (e.g., 5). This is critical for preventing conflicts and ensuring the correct pricing is applied.
Review and Activate: Carefully review all conditions and actions. Ensure the rule's logic aligns with your pricing strategy. Click Save and Activate to enable the rule, or Save as Draft to store it without immediate activation.
It is advisable to test new rules with sample bookings or in a testing environment if available, to verify their intended operation.
Key Capabilities
Rate Sheet Pricing Rules offer robust capabilities for dynamic pricing management:
Conditional Logic: Define sophisticated pricing scenarios using a combination of booking windows, stay dates, occupancy levels, and other criteria.
Dynamic Adjustments: Automatically apply percentage-based or fixed-amount adjustments (discounts, surcharges, markups) to base rates.
Targeted Application: Apply rules to specific rate sheets, product types, or categories, allowing granular control over your pricing.
Minimum Stay Enforcement: Automatically adjust minimum stay requirements based on demand, seasonality, or other conditions.
Availability Control: Close availability for specific dates or conditions, providing an automated method for inventory management.
Rule Prioritisation: Manage potential conflicts between multiple active rules by setting a clear hierarchy of application.
Automated Pricing Updates: Eliminate manual price adjustments, ensuring consistent and real time pricing across all applicable channels.
Tips
To maximise the effectiveness and avoid unintended consequences when using Rate Sheet Pricing Rules:
Start Simple: Begin with straightforward rules and gradually introduce complexity as you become more familiar with the system's capabilities.
Name Rules Clearly: Use descriptive names and detailed descriptions to easily understand each rule's purpose, especially when managing numerous rules.
Test Thoroughly: Before activating new rules, or after making significant changes, test them comprehensively to ensure they function as intended and do not conflict with existing pricing.
Regular Review: Periodically review your active pricing rules to ensure they remain relevant to your current pricing strategy, market conditions, and business objectives. Inactive or outdated rules should be archived or deleted.
Document Complex Rules: For highly intricate rules with multiple conditions and actions, maintain external documentation explaining the logic and expected outcomes.
Understand Prioritisation: Carefully consider the priority order of your rules. A higher-priority rule can override a lower-priority one, which is crucial for achieving desired pricing outcomes.
Monitor Performance: Track the impact of your pricing rules on bookings, revenue, and occupancy to refine your strategy and optimise results.
Need help?
For further assistance, contact us at [email protected]